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Naira Depreciates Against Dollar at Interbank, I&E

By Dipo Olowookere

Yesterday, the local currency depreciated against the American Dollar at both the interbank and I&E windows of the foreign exchange (forex) market.

The Naira, which traded at N306 to the Dollar last Friday, closed on Monday at N306.05, indicating a decline of 5 kobo.

Also, the local currency, which was exchanged at N362 per Dollar during the last trading session, was transacted at N360.20 yesterday.

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However, the local currency closed flat at both the parallel and SMIS retail markets.

While the Nigerian Naira was traded against the Dollar at N360, it went for N352 at the SMIS retail market.

Also at the parallel market, the Naira remained unchanged yesterday against the Pound Sterling, trading at N474 at the close of business.

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However, the local currency appreciated by N3 against the Euro at the same market segment.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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